VANCOUVER, Dec. 19 /CNW Telbec/ - Dale Schultz, Vice President
Exploration of Continuum Resources Ltd (TSXV:CNU) advises on the current
status and objectives of planned 2008 exploration activities on the Company's
projects located in Oaxaca State, Mexico.
Senior management and directors of the Company, including Al Bassham
(Director), Dale Schultz (Vice President Exploration), and Herb Robertson
(Operations Manager), completed a site visit and operations review of the San
Jose project (owned 76% by Fortuna Silver Mines Inc. and 24% by Continuum) on
October 22, 2007. Included in the site visit was a tour of the old workings of
the Trinidad Mine, and inspection of a new decline currently being driven to
access the old stoping blocks, and other zones of mineralization.
On November 30, 2007, the Management Committee of the San Jose project
presented the project owners with the exploration budget for 2008. The board
of directors of the Company is currently reviewing this proposed budget and
expects to approve it prior to year end.
On November 2, 2007, the Company announced the completion of an updated
NI 43-101 report detailing the results of the geological, geochemical, and
drilling programs completed to date at Natividad.
Negotiations continue to be ongoing between Continuum (70% owner of
Natividad) and Cia Minera de Natividad Y Anexas S.A. de C.V. (30% owner) to
set the terms of a joint venture for the Natividad properties and assets.
Continuum is hopeful that these negotiations will conclude shortly.
On September 17, 2007, the Company announced that it had reactivated the
Tres Hermanas property. The property comprises 3671 hectares, covering a
mountainous area in the vicinity of the village of San Sebastian Rio Dulce,
some 50 kilometers southwest of the City of Oaxaca. The property consists of
three contiguous claims, owned 100% by Continuum. The center of interest is
the old Tres Hermanas Mine, which was exploited on five levels for silver
prior to the Mexican War of Independence. These adits were mapped and sampled
in 1926, but are no longer accessible. Studies in 1926 demonstrated that the
deposit yielded average grades of 8.24 oz/T silver, 4.67 % lead and 10.77 %
zinc with a global resources estimated at approximately 70,000 Tons. These
studies also concluded that that the average ore contained 5.4% galena, 16.2%
sphalerite and 13.7% pyrite, with minor copper sulfides. Readers should note
that these data and estimates are NOT compliant with the standards set out by
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) or with
National Instrument 43-101, and should therefore be viewed as historical in
Recent sampling conducted by Continuum geologists has demonstrated
anomalous values contained within the footwall and hanging wall of the main
structure ranging over tens of metres. This "Halo" mineralization contains
highly anomalous values of Cu, Pb, Zn, Ag, and Mo. Currently field crews are
conducting detailed mapping and sampling of the Tres Hermanas main adits, and
prospecting for sub-parallel structures. Results are expected to be released
in the first quarter of 2008.
A surface drilling program is planned for the first quarter of 2008 and
has been designed to test the continuity of the main structure over the
500-metre strike length of the mineralized structure. In addition, step-out
drilling along strike and down dip will be completed to further test the
continuity of the mineralization. It is also anticipated that the drill
program will also characterize the widths and grades of the "Halo"
Concurrent with the drilling, a surface exploration program consisting of
75 km of line cutting, 50-metre center geochemical soil sampling, 75 km of
ground magnetics, 45 km of Induced Polarization, and detailed geological grid
mapping will be carried out. Drilling on outside targets is expected to
commence in the second or third quarter of 2008 if quality targets are
On September 24, 2007, the Company announced it had reactivated the
Lachiguri project. This concession is comprised of 3000 hectares, and is
located 140 km south of the City of Oaxaca. The project area lays over nine
square kilometers of alteration believed to represent an epithermal system
superimposed over a distal polymetallic limestone-replacement deposit. Assay
values from samples taken by Continuum geologists include up to 511 g/T
silver, 7.16% lead and 18.1% zinc.
The 2008 exploration program calls for 60 km of line cutting, geochemical
soil sampling on 50 centers, 60 km of ground magnetics, 40 km of Induced
Polarization, and continued ground mapping. Drilling will commence in the
third or fourth quarter 2008 if quality targets are generated.
On Behalf of the Board of Directors of
Per: "Dale Schultz"
Dale Schultz, Vice President Exploration
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Renmark Financial Communications Inc.: Barry
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(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com